HSBC, the “world’s local bank,” said in its 2010 financial report released last night that it has suspended foreclosures indefinitely because of problems with how the cases are processed, prepared and filed.
The report to investors says the bank is responding to federal inquiries about its foreclosures and “certain deficiencies in our processing, preparation and signing of affidavits and other documents supporting foreclosures.”
Also listed as a concern is the evaluation and monitoring of the law firms handling HSBC’s cases.
“Management is reviewing foreclosures where judgment has not yet been entered and will correct deficient documentation and re-file affidavits where necessary,” the report says. “We have suspended foreclosures until such time as we have substantially addressed noted deficiencies in our processes.”